Mid Dec Austin Real Estate Market Update & Consumption Report -- How Fast are Houses Selling?

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This is my second market report after the "closing of high season" in Austin. But you would really know it from the Q4 numbers that are being posted. This time of year is traditionally considered to be "low season" when buyers stop buying, but that is not what we are seeing in Austin. With all the recent news of Apple, Emerson, Citi, Facebook, Legal Zoom and many others coming to or expanding operations in Greater Austin--our market is just not slowing down. 

Here are the numbers:

• 6,179 homes for sale: Single Family, Condos, Townhouses--Inventory is very low now--incredibly low
• 3,021 homes under contract: this number is much higher than we would expect for this time of year in a "normal market year"
• 24,069 homes have closed so far this year; this is a banner year compared to any of the recent years in Austin area Real Estate!
• 20,256 sold YTD in 2011
• 19,040 sold YTD in 2010
• 19,935 sold YTD in 2009 
• 21,491 sold YTD in 2008
• 2007 was the last year that had sales volume higher than 2012 YTD, just after the peak of the building boom
• We are having a banner year in Austin Real Estate  

 
Median Sold Home Stats for Single Family Homes:

• Median price across Greater Austin: $207k
• 90% of homes sold in Greater Austin are Single Family homes
• More than 1/2 of the homes were sold in Travis County
• Almost 1/3 of the homes were sold in Williamson County
• Median price as a percentage of asking price: 98%
• Median days on market is very low: 34 days
• Most expensive home sold YTD: $7.75M
• Median SOLD in Travis County: $245,000
• Median SOLD in Williamson County: $182,500

 
Q: So how fast are houses selling in Greater Austin area?A: As of today, with more than 2,692 SFR homes with pending contracts, here are the rates at which homes are selling during the first 34 days on the market:

• The first day on market: ~3% of these home
• First 3 days on market: ~8% of these homes
• First 7 days on market: ~16% of these homes
• First 14 days on market: ~28% of these homes 
• First 40 days on market: half of the available homes are sold

Whether you are Buying or Selling your home--give me a call and we can discuss what is happening in your community or the area where you are looking. I am Tim Thornton, your Austin Area Realtor.